Typically the seller pays for your agent's commission! You can be represented by your OWN AGENT for FREE! Why wouldn't you hire your own agent to REPRESENT YOU! Real estate in Westminster
Are you looking to buy a house in Denver, Colorado? Lori's approach to helping her clients is to provide superior customer service. She excels at all the little details that together constitute superior customer service - always being available to her clients when needed, promptly returning phone calls, handling tasks in a professional and courtesy manner, and going the extra mile to make things happen. Not sure if you really need an agent to help you buy your dream house?
Consider these advantages to hiring a buyer's agent:
Realtors have access to market activity on a daily basis (no more calling on properties already under contract!).
Realtors have access to the Multiple Listing System (MLS) that enables them to search all houses that are for sale in metro Denver, CO. That way you don't have to spend as much time searching yourself.
Realtors also spend a significant amount of time touring houses that are for sale. So they understand the market and are in a good position to find a house that best suits your needs and style.
Real estate agents are more experienced and knowledgeable in the real estate field.
Saves you time in looking for properties - let your agent do it for you!
Your best interests are represented in negotiations with the seller.
Your agent may not disclose confidential information which may weaken your bargaining position.
The seller usually pays your agents commission.
Remember when you call that number on the sign of the house OR stop into the open house, the agent represents the seller, not you.
Lori on Buyer Representation
Preparing for the Lender
o Full names of all purchasers as they are to appear on title and the contract
o Social security numbers of all purchasers
o Present residence address for all purchasers
o Previous address for all purchasers going back 2 years
o Home, office and cell phone numbers
o Present Employer: Name, address and a contact person to send a verification of employment request form
o Previous Employer: Name, address, and a contact person going back 2 years, if not in present job 2 years
o Most recent year‐to‐date paystub
o Last 2 years’ W‐2s and / or 1099s
o All pages of the last 2 years’ individual and corporate tax returns (if applicable) with page 2 signed and dated
o If self employed, a year‐to‐date profit and loss statement and balance sheet
o Rental Income: Copy of lease which is current and at least one year in length
o Alimony and Child Support: Copy of divorce decree.
o Retirement, Social Security and Disability Income: Copy of award letter and latest check showing amount of present payment. Copy of year end statement if applicable
o Bank Accounts: for all accounts Name of bank, Account type and copy of two most recent bank statement(s). Include all pages of statement, even blank pages and informational pages
o Source and documentation of non‐customary deposits (deposits other than direct deposit payroll)
o Copy of recent broker statement of any stocks, bonds, mutual funds, retirement or other assets you own
o Real Estate: Address and market value and documentation of mortgage payment, annual insurance premium, previous year property taxes and homeowners association costs, if applicable
o Gift Letter: (Form will be provided by financial representative). Gift letter, signed by borrower(s) and donor(s), and the account statement to document donor's ability, along with evidence of transfer and deposit of gift funds.
o Net worth of business owned, if applicable Liabilities
o Credit Cards and Installment Loans: Outstanding balances. If new credit lines have been opened in the past 90 days, provide most recent billing statement.
o Loans (Auto, Mortgage, Student, etc.); Name of institution and outstanding balances, and monthly payment amounts
o Information about any other properties you own including rentals, second home and investment properties
o Alimony and/or child support payments, if applicable and copy of Decree and property settlement setting out terms
o DD‐214 (Separation of Service) or Statement of Service signed by Commanding officer of Personnel
Do’s and Don’ts During the Loan Process
There are certain “Do’s and Don’ts” which may affect the outcome of your loan request. These remain in effect before, during and after the loan approval up until the time of settlement when your loan is funded and recorded. Many times credit, income, and assets are verified the hour before you have signed your final loan documents.
Here is a list you should comply with: MAKE SURE THAT YOU DO NOT:
Do any of the things that may alter your credit and may risk you obtaining your loan. Also, these things may put
you in default of your sales contract, may put your ESCROW deposit at risk, and may put you at risk of being sued. DO NOT quit your job or change jobs. If this is likely, consult with your loan officer and call this office should this occur. DO NOT allow anyone to make an inquiry in your credit report except your lender. DO NOT apply for credit anywhere else except with your lender. This causes more “hits” on your credit rating which can reduce your credit score. DO NOT change bank accounts or transfer money within your existing accounts. DO NOT co‐sign for anyone, for any reason, for anything. DO NOT purchase or attempt to purchase anything else on credit such as another vehicle, boat, furniture, or other real estate. DO NOT charge any abnormal amounts to your current cards or credit lines. DO NOT send in late payments, or incur late fees for anything. This includes insufficient funds on your bank accounts. DO NOT pay off your existing debt without first speaking to your lender. DO NOT wait longer than the time frame given per your contract to provide all necessary paperwork and information to your lender when requested.
MAKE SURE THAT YOU DO: DO keep all accounts current, including mortgages, car loans, credit cards, etc. DO contact both your lender and your sales associates anytime a question may arise. DO make all payments on or before due dates on all accounts, even if the account is being paid off with your new loan. DO return phone calls from your agent, loan officer, settlement company, or anyone else involved in your transaction within 2 hours of a message.
Will Mortgage Pre-Approvals Hurt My Credit Score?
This is a very common Myth buyers have regarding getting preapproved. Getting preapproved is 100% a benefit to you as the buyer because it will give you confidence to write offers and prevent any heart ache down the road. In a competitive market like ours a good agent and smart seller will not even consider
looking at a financed offer without a pre-approval letter.
Credit Bureau Scoring
Credit bureaus use a subtle formula that they don’t publicize to determine how they crunch your credit history down into a single credit score. One of the things that can cost you points on your credit score is to have several inquiries coming in very close to each other. So, should you worry about what mortgage pre-approvals will do to your credit reports? Probably not.
The “Ding” for one inquiry is very small.
The most a single inquiry on you credit report will cost you is five points. Often, your score, which can range from 300 to 850, will suffer even less than that. Unless you are seeking a new mortgage and are right on the cusp between a good credit score and a fair credit score, five points shouldn’t make any
difference in your loan terms.
Making the Mortgage Process Easier
All of the credit bureaus understand the complex timing of getting a mortgage. Therefore, they have instituted measures to avoid reflecting pre‐approval inquiries on credit reports. For instance, if you are shopping around for the best rate, and several mortgage companies make credit inquiries about you
within 45 days of each other, all of those inquiries will be bundled into a single event with a miniscule effect on your credit report. Your credit report also does not include any credit inquiries made within 30 days prior to your loan application. It is , therefore, nearly impossible that the mortgage process of preapproval
will cause enough damage to your credit score to hurt your mortgage terms, so don’t worry if your real estate agent asks to see your letter of pre‐approval. Getting pre‐approved for the mortgage you want won’t hurt you.
Every loan is UNIQUE, and every lender may vary. This is just to give a brief idea on the loan process.
THERE IS A DIFFERENCE BETWEEN PRE-QUALIFIED & PRE-APPROVAL!
If you are looking to buy a house, you should get pre-approved for a mortgage as soon as possible, before you get to the point of placing an offer on a house. The pre-approval process is a fairly easy, straightforward process that lets you know how much of a mortgage you can afford.
It is important to get pre-approved, because it can help you when it comes time to place an offer on your dream house. In a competitive housing market like in Denver, it is critical to move quickly if you want to buy a house before somebody else does. Having a pre-approval in place speeds up the buying process, and establishes your credibility and seriousness with the seller.
Most Realtors will require a buyer to talk to a lender before beginning to look for their future home. A pre-qualification occurs when a lender asks the potential buyer questions regarding income, assets, debts, credit history, and job history. Based on the answers from the buyer and a credit report, the lender can issue a “Pre-qualification” which allows the Realtor the confidence to sell a home to the buyer.
However, because of the hot Denver market, pre-qualification with a lender may not be enough to be competitive against multiple offers. Once a buyer pre-qualifies, they should immediately come into the lender’s office and get pre-approved.
Pre-approval is simply gathering proof of the information discussed on the phone. By making available W-2’s, pay stubs, bank statements, and possibly tax returns, your loan can be submitted and approved by an underwriter.
By providing a “Pre-approval” with your contract, the seller knows that your loan is in place and as long as the house appraises well and no other issues arise, the contract will close. In some cases, multiple contracts come in on some properties and if one of the contracts has a “pre-approved buyer” - they are more likely to get their offer accepted. Pre-approval is typically good for 90 days, which should allow you enough time to find and close your home.